Shares of IT major Infosys declined as much as 2.21% to hit an intra-day low of ₹1,414 on Wednesday, a day after the company’s president S Ravi Kumar resigned from his position with effect from October 11, 2022. The development comes ahead of the company’s July to September quarter results slated to be released on October 13.
“Infosys, a global leader in next-generation digital services and consulting, today announced the resignation of Ravi Kumar S., President. The resignation is effective October 11, 2022. The Board of Directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S. for his contributions to the Company,” the company says in a stock exchange filing.
Ravi Kumar, who joined Infosys in 2006 as Senior Vice President and Global Head of Oracle Practice & Head of the Hyderabad Development Centre, has helmed several key positions in the company in the past two decades. He took over as the president of the company in 2016.
“After 20 wonderful years at Infosys, I want to let you all know that I’m moving on to explore new experiences and broaden my horizons. During these 20 years I was blessed to work with wonderful people, great leaders, an extraordinary mix of experiences, running a diverse set of roles globally, imbibed a lifelong learning culture and enjoyed the entrepreneurial spirit of this wonderful platform, Infosys and I’m deeply indebted and very grateful to everyone involved in my journey,” Ravi Kumar says in his LinkedIn post.
He calls his Infosys journey to be “the incredible story of building and managing multi-billion dollar business units, creating successful new services and most satisfyingly bringing together large teams together.”
“Be it incubating and building the CRM and Oracle Practices, running Global Insurance and Healthcare vertical or managing a large development centre, I have thoroughly enjoyed the challenge of working with teams at all levels and seeing them successful at various positions in Infosys or outside is what am particularly proud of,” he adds.
An alumnus of the Xavier Institute of Management, Ravi Kumar has also served as the Member Board of Directors for the US Chambers and Commerce and Chair of the Board of Trustees at Infosys Foundation in the USA.
On Monday, Infosys announced a share buyback proposal, under which the company will buy its own shares from its shareholders. Brokerage firm Jefferies is expecting the buyback to be valued between ₹8,700 crore and ₹9,500 crore.